A journal about the flexible workplace, offshore teleworking and ex-pat living

Tuesday, July 14, 2009

Will the Recession Be the Mother of a Thousand Ex-Pats?

Here's a hypothetical: pretend you just lost your job. All you have is your home and about $30,000-$100,000 in savings. What should you do in current economic conditions?

Most of us would choose to try and find a new job. But suppose no matter how hard you try, no new jobs are to be found. You send hundreds of resumes, network til your blue in the face and even land a few interviews. And still...nothing. Suddenly, unemployment runs out, and with your COBRA premiums, you are burning through $3,000 in cash just to stay alive.

Would an attractive alternative be to pick up what cash you still have left and move to Honduras, Costa Rica or Ecuador and try to wait the recession out?

I think it might be a great alternative for many of us. In many developing countries, one can live for an entire year with the same cash that is burned in one month in the U.S. If you bring your computer, you can still search for freelance online work and perhaps even apply for jobs. Or you can decide to open up a business and make the move permanent.

One thing is for sure: watching life savings disappear is NOT an option.